Industrial property market slumps on economic woes vnexpress international

A building near Bến Thành Market in downtown HCM City whose construction stopped at the end of last year. The property market slump is expected to continue until the end of 2024. — VNS Photo Bồ Xuân Hiệp Despite the Government’s efforts to address them, the challenges for the property market will continue until the end of next year, experts have warned. Speaking at a forum late last week, Nguyễn Văn Đính, chairman of the Việt Nam Real Estate Brokers Association, said the market would continue to struggle with limited access to capital, legal bottlenecks and companies’ inability to redeem bonds. A recent survey by his association found over 70 per cent of businesses saying Government policies aimed at resolving funding difficulties have not been effective, he said. Real estate transactions have plummeted by 90 per cent in 2022-23, indicating weak market demand, he said. Even after almost five months since its announcement, the Government’s VNĐ120 trillion credit package has … [Read more...] about Real estate market challenges to continue until end of 2024: experts

Fifty-six lives were lost in the fire at the apartment block in Hanoi's Thanh Xuan District on September 12, and with them, all their dreams and ambitions, all the impacts they could have made on the world. How did it come to this? The owner of the apartment building has been arrested, and investigations are ongoing. Some people will need to be held responsible. Regulations for apartment blocks will be tighter. But somehow, I feel that all these solutions have yet to reach the root of the problem. Around 10 million people in Hanoi are crammed together in a tiny area next to the Red River. Traffic jams, inundations, air pollution, lack of trees, and now fires... these are just some of the problems that Hanoians have to cope with. The capital has lost its shine over the years. Aerial view of multiple skyscrapers at the Nguyen Tuan-Le Van Luong-Hoang Minh Giam intersection in Hanoi. Photo by VnExpress/Ngoc Thanh Several generations of my family have lived on this … [Read more...] about Hanoi and its urban planning problems

At the forum, held also thanks to the Swiss State Secretariat for Economic Affairs and the Australian Department of Foreign Affairs and Trade, speakers emphasised the substantial challenges faced by the climate finance sector in Vietnam in aligning significant investment opportunities with environmental objectives. This sentiment was shared by Allen Forlemu, the IFC's regional industry director for Financial Institutions Group, Asia-Pacific, when he said, “It is evident that climate change is an increasingly disruptive factor for Vietnam's economy, and the costs are already starting to undermine growth. In 2020, Vietnam lost $10 billion, or 3.2 per cent of its GDP, to climate change impacts.” “If nothing is done, costs will only rise. In a business-as-usual scenario with limited global mitigation efforts, climate change could cost Vietnam up to 14.5 per cent of GDP annually in roughly 30 years, with the potential to push a million people into extreme poverty in less than a decade,” … [Read more...] about Forum discusses impact of climate change

If proper efforts are made, using film to promote tourism in Nha Trang might be successful. The coastal province of Khanh Hoa is like a miniature Vietnam, with diverse cultures, natural conditions and historical buildings. In addition, Khanh Hoa hosts popular film festivals and events that bring together actors and directors from other countries, boosting tourism and becoming an attractive destination like Cannes in France, Busan in South Korea, and Hollywood in the US. Do Le Hung Tu, Chairman of the Vietnam Film Association, shared the view following the success of the 2023 edition of the Golden Kite Film Award , which ended this month. The aerial view of Nha Trang City. Photo: Khanh Hoa Tourism Department Echoing Tu, Ta Quang Dong, Deputy Minister of Culture, Sports and Tourism said the Golden Kite Film Award is a great opportunity for experts and managers to work together and create new cultural projects to make Khanh Hoa's Nha Trang City a popular … [Read more...] about Nha Trang promises to be a city of cinema tourism

Technology the answer for wastewater treatment, illustration photo Nearly 20 Dutch businesses will visit Ho Chi Minh City on October 11-13 to participate in the 14th VietWater summit. The event, which covers international water supply, sanitation, water resources, and purification, is deemed an ideal platform for exhibitors to showcase the most advanced products in water resource management, irrigation, urban water supply and drainage, and other water-related areas. Kees van Baar, Ambassador of the Netherlands to Vietnam, said that the reason Dutch environmental technology and wastewater treatment businesses choose to come to Vietnam is because the two countries “speak the same language of water”. “Our companies have a lot to offer. With state-of-the-art technology and expertise, we have the tools to tackle some of the toughest challenges while lowering the water and carbon footprint at the same time. This is important to meet our goals, but it is also important for those … [Read more...] about Technology the answer for wastewater treatment

Cashew nuts packed at a factory in Bình Phước Province. — VNA/VNS Photo Cashew exports are likely to strongly rebound by the end of the year after significant growth in both volume and value in the past eight months of this year, industry insiders have said. Data from the Việt Nam Cashew Association shows that in August, the country exported nearly 64,000 tonnes of cashew nut, earning a turnover of US$343.4 million, an increase of over 38 per cent in volume and nearly 32 per cent in value. The latest addition had brought its cashew nut exports over the past eight months of this year up to 400,000 tonnes in total with a value of over $2.25 billion, up 16 per cent in quantity and 13 per cent in quality. Raw cashew imports also increased significantly over the past eight months, 21 per cent higher than the yearly target, according to the association. In August alone, the country spent $370.4 million in importing over 367,200 tonnes of raw cashew, marking yearly hikes of 87 per … [Read more...] about Cashew exports predicted to strongly rebound by the year-end

At the working session between Viglacera's delegation and representatives from the Venezuelan Ministry of Industries and National Production (Photo: VNA) Hanoi (VNA) – The Venezuelan government is willing to create the most favourable conditions for Viglacera Corporation JSC of Vietnam to enter its market, considering this as a motivation to further strengthen the traditional friendship between the two countries, said Jorge Márquez, Minister of Office of the Presidency and Monitoring of Government Management of Venezuela. In a recent reception for a visiting delegation of the Vietnamese construction materials company, Márquez, who is also Chairman of the Vietnam-Venezuela Intergovernmental Joint Sub-committee, emphasised that in the context of Venezuela's ongoing recovery and economic diversification efforts to reduce its dependence on oil, there is great potential for cooperation in basic construction, especially in producing construction materials. During a working … [Read more...] about Vietnamese firm eyes to make deeper inroads into Venezuela

On September 22, Vietnam Report unveiled its annual list of the Top 10 Credible Retail Companies for 2023. The rankings, reflected an industry grappling with significant challenges of considerable interest to investors and stakeholders. Since the fourth quarter of 2022, Vietnam’s retail sector has witnessed subdued growth. Profits have been under strain thanks to subdued demand stemming from a dip in public incomes due to export challenges. Additionally, many retailers are navigating the complexities of high interest rates and stringent credit conditions set by consumer finance entities. The fresh survey conducted by Vietnam Report highlighted that almost all businesses (100 per cent) cited weak consumer demand as a concern, with 92.9 per cent noting the persistent economic slowdown. Early 2023 also saw retailers facing fierce price competition, further straining profits. To combat this dip in consumer spending, nearly 64 per cent of retailers plan to launch consumer incentive … [Read more...] about Vietnam’s retail sector faces mounting challenges

Processing tra catfish fillets for export at the Cửu Long An Giang Seafood Import-Export JSC in the Mekong Delta province of An Giang. — VNA/VNS Photo Vũ Sinh Việt Nam’s tra fish exports to the US are expecting a better outlook in the remaining months of this year after receiving some good news. In early September, the US Department of Commerce (DOC) lowered anti-dumping duties on frozen tra fish fillets from Việt Nam following its latest preliminary conclusion. The Federal Register, the daily journal of the US government, published the preliminary results of the 19th anti-dumping duty administrative review (POR19) by DOC on Việt Nam’s frozen tra fish fillets exported to the US for the period of August 1, 2021 to July 31, 2022. Accordingly, the US authority determined that two Vietnamese companies, Vĩnh Hoàn Corporation and Cần Thơ Import Export Seafood Joint Stock Company (Caseamex), which were selected for individual examination as mandatory respondents, will enjoy a tax … [Read more...] about Good news for Việt Nam’s tra fish exports to US